Gross margins have collapsed from 80.6% in 2025Q1 to 23.5% by 2026Q4, reflecting severe pricing pressure and an inability to scale operating income effectively.
| Sales/Revenue | 10.6B | 7.95B | 4.19B | 3.83B | 1.99B | 1.27B | 5.75B | 7.51B | 10.81B |
| Revenue Growth % | 33.26% | 89.85% | 9.47% | 92.39% | 56.49% | -77.88% | -23.47% | -30.56% | - |
| Cost of Goods Sold | 8.07B | 4.04B | 866.04M | 669.1M | 159.28M | 22.28M | 4.09B | 5.92B | 6.55B |
| COGS % of Revenue | 76.17% | 50.78% | 20.67% | 17.48% | 8.01% | 1.75% | 71.17% | 78.89% | 60.61% |
| Gross Profit | 2.53B | 3.92B | 3.32B | 3.16B | 1.83B | 1.25B | 1.66B | 1.58B | 4.26B |
| Gross Margin % | 23.83% | 49.22% | 79.33% | 82.52% | 91.99% | 98.25% | 28.82% | 21.11% | 39.39% |
| Gross Profit Growth % | -35.5% | 17.8% | 5.25% | 72.57% | 46.53% | -24.6% | 4.51% | -62.79% | - |
| Operating Expenses | 2.71B | 4.01B | 3.48B | 3.08B | 2.26B | 2.72B | 2.12B | 3.46B | 4.32B |
| OpEx % of Revenue | 25.53% | 50.36% | 83.12% | 80.44% | 113.68% | 213.89% | 36.82% | 46.06% | 40% |
| Selling, General & Admin | 29.11M | 2.82B | 2.44B | 2.06B | 1.55B | 1.36B | 602.14M | 1.38B | 4.32B |
| SG&A % of Revenue | 0.27% | 35.4% | 58.12% | 53.85% | 78% | 106.97% | 10.48% | 18.36% | 40% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.68B | 1.19B | 1.05B | 1.02B | 709.77M | 1.36B | 1.51B | 2.08B | 0 |
| Operating Income | -180.85M | -90.3M | -158.81M | 79.67M | -431.47M | -1.47B | -459.26M | -1.87B | -65.7M |
| Operating Margin % | -1.71% | -1.14% | -3.79% | 2.08% | -21.69% | -115.65% | -7.99% | -24.95% | -0.61% |
| Operating Income Growth % | -100.29% | 43.14% | -299.34% | 118.46% | 70.65% | -220.12% | 75.49% | -2751.98% | - |
| EBITDA | 252.14M | 218.6M | 38.72M | 269.82M | -123.32M | -720.69M | 163.39M | -1.26B | 43.1M |
| EBITDA Margin % | 2.38% | 2.75% | 0.92% | 7.05% | -6.2% | -56.69% | 2.84% | -16.74% | 0.4% |
| EBITDA Growth % | 15.34% | 464.61% | -85.65% | 318.79% | 82.89% | -541.08% | 113% | -3016.24% | - |
| D&A (Non-Cash Add-back) | 432.99M | 308.9M | 197.53M | 190.15M | 308.15M | 749.48M | 622.65M | 616.85M | 108.8M |
| EBIT | -47.22M | 87.1M | -89.97M | -23.62M | -370.65M | -1.04B | -503.03M | -1.94B | -2.83B |
| Net Interest Income | 894.87K | 131.37M | -65.7M | -196.47M | -55.44M | -35.21M | -151.44M | -141.71M | -4.66M |
| Interest Income | 2.34M | 207.82M | 157.1M | 21.29M | 39.47M | 80.59M | 52.81M | 32.28M | 0 |
| Interest Expense | 1.45M | 76.45M | 222.8M | 217.76M | 94.91M | 115.8M | 204.26M | 173.99M | 4.66M |
| Other Income/Expense | 132.19M | 100.95M | -170.52M | -321.05M | -34.08M | 339.38M | -199.77M | -197.93M | -3.56B |
| Pretax Income | -48.66M | 10.65M | -329.33M | -241.38M | -465.56M | -1.13B | -659.03M | -2.07B | -3.63B |
| Pretax Margin % | -0.46% | 0.13% | -7.86% | -6.31% | -23.4% | -88.95% | -11.47% | -27.59% | -33.56% |
| Income Tax | 20.8M | -12.85M | 37.17M | 46.79M | 16.91M | 64.1M | 39.57M | 53.32M | 70.3M |
| Effective Tax Rate % | -42.74% | -120.63% | -11.29% | -19.38% | -3.63% | -5.67% | -6% | -2.57% | -1.94% |
| Net Income | -233.64M | -106.92M | -350.94M | -289.24M | -477.85M | -1.18B | -698.6M | -2.13B | -3.7B |
| Net Margin % | -2.2% | -1.34% | -8.38% | -7.56% | -24.02% | -92.61% | -12.16% | -28.3% | -34.21% |
| Net Income Growth % | -118.5% | 69.53% | -21.33% | 39.47% | 59.41% | -68.53% | 67.12% | 42.56% | - |
| Net Income (Continuing) | -69.46M | 23.5M | -366.5M | -288.17M | -482.46M | -1.19B | -698.6M | -2.13B | -3.7B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.96B | 2.5B | 2.37B | 11.62M | 1.98M | 5.25M | 251.59K | 0 | 0 |
| EPS (Diluted) | -3.71 | -0.97 | -0.33 | 0.49 | -2.75 | -7.57 | -4.45 | -13.54 | -23.58 |
| EPS Growth % | -282.47% | -193.94% | -167.35% | 117.82% | 63.67% | -70.11% | 67.13% | 42.58% | - |
| EPS (Basic) | -3.71 | -0.97 | -0.72 | 0.49 | -1.96 | -7.57 | -4.45 | -13.54 | -23.58 |
| Diluted Shares Outstanding | 63.99M | 110.36M | 136.41M | 156.92M | 111.88M | 156.92M | 156.92M | 156.92M | 156.92M |
| Basic Shares Outstanding | 63.99M | 110.36M | 136.41M | 156.92M | 111.81M | 156.92M | 156.92M | 156.92M | 156.92M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Intense B2B competitive pressure
As reported in recent financial statements, Yatra's revenue trajectory exhibits extreme volatility, swinging from a 99.7% growth rate in 2026Q1 to a 99.1% contraction by 2026Q4, suggesting that the company's top-line performance remains highly sensitive to seasonal shifts and inconsistent transactional volume across its core segments.
The dramatic fluctuations in quarterly revenue suggest that Yatra struggles to maintain a consistent baseline of business, likely due to the cyclical nature of Indian travel and the competitive intensity of the OTA market. Investors should monitor whether these swings represent structural instability or merely the impact of accounting adjustments related to the consolidation of its Indian subsidiary.
Based on the provided income statement data, gross margins have experienced a significant downward trend, collapsing from 80.6% in 2025Q1 to 23.5% by 2026Q4, which indicates that the company is facing substantial pricing pressure and rising costs of service delivery within its primary travel segments.
The sharp contraction in gross margins suggests that Yatra is increasingly forced to sacrifice pricing power to retain market share against better-capitalized competitors. This trend warrants further investigation into whether the company's B2B corporate travel focus is providing the expected margin protection or if it is being eroded by aggressive discounting.
According to the company's historical income statements, operating margins have failed to achieve consistent positive territory, fluctuating between a peak of 5.0% in 2026Q1 and a low of -12.0% in 2026Q4, demonstrating a persistent inability to scale operating income effectively against its underlying cost base.
The lack of sustained operating leverage implies that Yatra's fixed costs, particularly personnel and technology, remain disproportionately high relative to its net revenue generation. Without a clear path to scaling these expenses, the company appears vulnerable to continued operating losses during periods of lower transactional volume.
As evidenced by the quarterly data, SG&A expenses have frequently exceeded gross profit, such as in 2025Q4 when SG&A reached $1.4B against $1.1B in gross profit, highlighting a structural cost discipline issue that prevents the company from converting its top-line revenue into meaningful bottom-line earnings.
The high ratio of SG&A to gross profit suggests that Yatra is spending heavily on customer acquisition and administrative overhead, which may be unsustainable given the current revenue trajectory. Investors should monitor whether management can implement more rigorous cost controls to align its expense structure with the realities of its current market position.
Based on the reported figures, the company's reliance on high-volume, low-margin air ticketing combined with erratic profitability suggests that the current business model may be fundamentally challenged, as evidenced by the negative net income reported in the most recent 2026Q4 period of -$1.8M.
Short-sellers would likely focus on the company's inability to maintain consistent profitability despite significant revenue growth in prior quarters. The recurring nature of these losses, coupled with the competitive threat from larger peers, suggests that Yatra's long-term viability may depend on a radical shift in its cost structure or a successful pivot to higher-margin services.
Quick answers to the most common questions about buying YTRA stock.
For fiscal year 2026, Yatra Online, Inc. (YTRA) reported total revenue of $10.60B. This represents a 2.0% decline compared to $10.81B in 2018.
Yatra Online, Inc. (YTRA) reported a net loss of $233.6M for the fiscal year ending 2026.
Yatra Online, Inc. (YTRA) reported an operating income of $-180.9M, resulting in an operating profit margin of -1.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Yatra Online, Inc. (YTRA) generated $2.53B in gross profit for the year, representing a gross profit margin of 23.8%. This demonstrates the company's core pricing power and production efficiency.